Semi-Nationalized Banks?

by anne on October 14, 2008

Like lots of people I woke up this morning to the news and as near as I can tell, our federal government is sort of buying at least part of our major banks. It’s calming the stock markets, which, I guess, is a good thing. But federalized banks makes me nervous. I can’t tell from the news if this means credit is getting easier again, which yesterday seemed to be the major problem.

I wonder what it would be like if everyone became debt free. What if, for example, the governments, state and federal, didn’t buy anything until they had enough money in their coffers to actually pay for it? What would it mean, for instance, if retail stores quit getting loans from various sources to buy their product, but instead saved from their profits to buy the next round? And what would happen if everyone stopped using credit cards and waited until they had saved enough to pay for their new car or groceries, etc.

This probably couldn’t happen all at once. But it seems to me debt free is a worthy goal for governments as well as individuals.

What do you think? Let’s talk about it.

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